Tsakos Energy Navigation Ltd. Announces Closing of Offering

ATHENS, GREECE--(Marketwired - Apr 29, 2014) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the closing of its successful public offering of 11,000,000 common shares at a price of $7.30 per share. The underwriters also have a 30-day option to purchase up to an additional 1,650,000 common shares. The gross proceeds of the offering are $80.3 million.

The Company plans to use the net proceeds to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well-known oil major, and for general corporate purposes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

ABOUT TSAKOS ENERGY NAVIGATION

To date, TEN's fleet, including the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 58 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.9 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, 28 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers.

ABOUT FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.